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Italy government accelerates Consob leadership appointment amid political deadlock

From ANSA · () Italian

Translated from Italian, summarized and contextualized by DistantNews.

At a glance

News Named sources Ongoing story
  • The Italian government is accelerating efforts to appoint a new president for the Consob, the national commission for companies and the stock exchange.
  • The process has been delayed for four months since the previous president's term ended, with internal disagreements and vetoes hindering nominations.
  • Several candidates have been considered and withdrawn, with the latest potential nominee being Marco Osnato, aiming to resolve an impasse between political parties.

The Italian government is pushing to fill the vacant presidency of Consob, the nation's securities regulator, with a decision potentially coming as early as Tuesday's cabinet meeting. Economy Minister Giancarlo Giorgetti has signaled urgency, stating the matter would be addressed this week. The position has been open for four months since Paolo Savona's term concluded, leaving Chiara Mosca as acting president. Mosca, whose interim role is provided for by Consob's regulations, has stated the authority continues to function regularly.

this week we will deal with it

— Giancarlo GiorgettiEconomy Minister Giancarlo Giorgetti's statement indicating the government's intention to address the Consob presidency appointment.

However, the appointment process has been fraught with delays and political maneuvering. Reports suggest that a candidate from Forza Italia is expected, but disagreements have stalled progress. Federico Freni, initially supported by Giorgetti, faced strong opposition from Forza Italia, particularly from Antonio Tajani, who advocated for a neutral candidate to ensure Consob's independence. Freni subsequently withdrew his candidacy.

the vicariousness of the presidency is provided for by the organization and functioning regulation to ensure continuity of the institute's activity and has occurred in the past on three other occasions.

— Chiara MoscaChiara Mosca, the acting president of Consob, explaining the regulatory basis for her interim role.

Further complications arose when Prime Minister Giorgia Meloni reportedly favored Federico Cornelli, another commissioner, but this move was reportedly blocked by Matteo Salvini. The latest name circulating is Marco Osnato, chairman of the Chamber's Finance Committee and an economic official for Fratelli d'Italia. His potential nomination is seen as a way to break the deadlock between Forza Italia and the League. The struggle for Consob's leadership is part of a broader political negotiation, as other key positions, including the heads of the competition authority and the civil aviation authority, also remain unfilled.

I am the least indicated to speak, but Consob functions.

— Federico FreniFederico Freni's comment after withdrawing his candidacy for Consob president, emphasizing the authority's operational status.
DistantNews Editorial

Originally published by ANSA in Italian. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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